Three sub-registrars amass 200 cr assets

​Hyderabad: Three tainted sub-registrars, two of them linked with the Rs 10,000-crore Miyapur land scam, have amassed assets worth around Rs 200 crore.

The sub-registrars – Rachakonda Srinivasa Rao of Kukatpally, Mohammed Yousuf of Balanagar and T V Ramesh Chandar Reddy of Medchal (all of them under suspension) are currently behind the bars.

They were initially arrested by the Cyberabad and Rachakonda police for their role in the illegal land registrations causing hundreds of crores of revenue loss to the government exchequer. After their corrupt deals came to light, the Anti-Corruption Bureau (ACB) registered cases against the three for amassing assets disproportionate to their known sources of income.

Since the ACB officials could not get complete information, the accused were taken into custody and second round of simultaneous searches were carried out.

During the recent searches, the ACB discovered Srinivasa Rao operated 12 bank accounts in his and his son Kanishka’s name besides in the name of others. It was also found that he invested about Rs 14 crore in Hasini Power Projects, North Star Homes, Manjeera Holding and I-Con Construction Company Private Limited.

He spent Rs 90 lakh using credit cards, Rs 14 lakh on foreign trips, conducted lavish wedding and other functions spending crores of rupees, owned two luxurious cars worth over Rs 40 lakh, gold ornaments worth Rs 10 lakh apart from commercial complexes, lands, flats and house sites worth crores of rupees all worth over Rs 150 crore.

According to the ACB, he used his son and others to deposit the illegal earnings in the bank accounts of one benami, transfer the same into another benami account and later diverted the funds into shell firms. From the shell firms, he used to purchase immovable assets.

Similarly, during the searches at various places belonging to Yousuf, the ACB found that he had used his father-in-law as his benami for purchasing properties and also for maintaining bank accounts. He used the benami account operated in his father-in-law’s name for purchasing benami properties.

During the searches at various places related to Ramesh Chandar Reddy, ACB found that he used his driver and some document writers as benamis. He also used his NRI relative as benami for purchasing immovable assets.

One thing the ACB officials found common with Yousuf and Ramesh Chandar is that both spent about Rs 1 crore each for their sons’ medical education and both of them used document writers for purchasing properties with the ill-gotten money and hide the property documents in the houses of document writers.

In all, the movable and immovable assets amassed and ill-gotten money spent by the three tainted officials is worth around Rs 200 crore, ACB officials said adding that further investigations are still underway.